Daily Forex Update: USD/DKK
AutoChartist | Apr 06, 2012 06:54AM ET
USD/DKK continues to rise sharply after the recent completion of the high Quality Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 8 bar level as a result of the maximum Initial Trend (rated at the 10 bar level), substantial Uniformity (9 bars) and above-average Clarity (6 bars). This chart pattern continues the strong uptrend visible on the daily USD/DKK charts. More specifically, this Triangle follows the sharp preceding daily upward price impulse from the November of last year (whose strength is reflected by the high Initial Trend value of this chart pattern). The pair has recently broken up through the upper resistance trendline of this Triangle and is expected to rise further in the direction of the Forecast Price 5.8087 in the coming sessions.
As can be seen from the PowerStats chart below, most of the daily Expected Price Range for USD/DKK for tomorrow (from 5.6557 to 5.7363) stands above the broken upper resistance trendline of the aforementioned Triangle – which increases the probability that this currency pair will rise further tomorrow.
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